The Project Evolution Breakout Scalper is an expert advisor (EA) designed for forex trading. It utilizes a scalping strategy focused on breakouts, aiming to capitalize on short-term price movements. Powered by advanced technologies and algorithms, the EA identifies optimal entry points in the market.
In this comprehensive review, we will dive deep into the key features, strengths, weaknesses, and risk management aspects of the Project Evolution Breakout Scalper. By the end of this review, you will be equipped to make an informed decision on whether this EA aligns with your trading goals.
Project Evolution Breakout Scalper Strategy
The Project Evolution Breakout Scalper strategy is an Expert Advisor (EA) designed to execute a scalping strategy based on breakouts in the forex market. It incorporates innovative advanced technologies, particularly a Neural Network, along with the latest algorithms to identify optimal entry points in the market.
One of the strengths of this EA is its adaptability to various economic situations. It employs multiple smart filters, allowing it to adjust its trading approach and respond effectively to different market conditions. This adaptability is crucial in the forex market, where market dynamics can change rapidly.
Additionally, the EA incorporates a protective stop order, which helps to limit potential drawdowns. Moreover, the EA is designed to be user-friendly, requiring no additional settings or configuration. Traders can simply install it on their charts and it will be ready to execute trades.
It is worth noting that the EA does not employ high-risk strategies such as Martingale or Grid, which can lead to substantial losses. Instead, it focuses on the breakout strategy, which aims to capitalize on short-term price movements resulting from the market’s tendency to accelerate after breaking through key support or resistance levels.
The development of the EA involved utilizing a history of quotes based on real ticks. This historical data allows the EA to be backtested using the Strategy Tester, offering traders the opportunity to evaluate its performance under different market conditions and timeframes.
For the Strategy Tester, it is recommended to enable the “Multi_Currency_BackTest” option, which allows for testing the EA across multiple currency pairs. The suggested currency pairs and timeframes for testing are EURUSD and USDJPY with H1, H2, H3, H4, and H6.
While the Project Evolution Breakout Scalper strategy has several strengths, it is important to acknowledge some potential weaknesses. One possible limitation is its focus on scalping, which means it aims to capture small price movements. This strategy requires careful trade management and monitoring, as it may involve a high frequency of trades. Traders using this EA should ensure they have the necessary time and resources to actively monitor and manage their positions.
Additionally, although the EA incorporates advanced technologies and algorithms, it is essential to remember that past performance is not indicative of future results. The EA’s performance in backtesting does not guarantee its effectiveness in live trading conditions. Traders should exercise caution, closely monitor its performance, and consider using it on a demo account initially to assess its compatibility with their trading style and risk tolerance.
Project Evolution Breakout Scalper Features
- Breakout scalping strategy
- Utilization of advanced technologies
- Integration of smart filters for adaptability
- Implementation of a protective stop order
- User-friendly interface
- Avoidance of high-risk strategies
- Utilization of historical data based on real ticks
- Multi-currency support
- Recommended timeframes for optimal performance
- Risk management features
Project Evolution Breakout Scalper Settings
- EURUSD: Enable trading with the EURUSD currency pair.
- USDJPY: Enable trading with the USDJPY currency pair.
- Magic_Start / Magic_Finish: ID range for the EA’s trades.
- Symbols_Prefix(Suffix)_Name: Specify symbol prefix or suffix if required.
- Use_Risk_MM: Enable risk-based lot size calculation.
- Percentage_Risk: Lot size increase based on the account balance.
- Fixed_Lot: Set a fixed lot size if not using risk-based calculation.
- Order Type: Trading direction (Buy/Sell).
- Order Comment: Comments for the orders.
- Slippage: Maximum allowed slippage before triggering an order.
- Show_Info_Panel: Display information panel (faster backtest if disabled).
- Show_additional_panel: Display profit indicator per month (for backtest only).
- Multi_Currency_BackTest: Enable multi-currency tester for backtesting.
- Adaptation of the spread to the stop loss: Adjust stop loss based on the spread.
- Max Spread: Maximum allowed spread for trading.
- Stop trade: Temporarily disable trading if average spread exceeds Max_Spread.
- Trading within the week: Enable trading on specific days (Monday to Friday).
- Time trading within a day: Set specific trading hours.
- Time to disable on Friday: Specify end time for trading on Fridays.
Project Evolution Breakout Scalper Summary
The Project Evolution Breakout Scalper is an EA designed for forex trading, employing a breakout scalping strategy with advanced technologies. It offers strengths such as adaptability to various market conditions and incorporates risk management features. Demo testing and applying proper risk management settings are recommended. It is worth considering for forex traders interested in a scalping approach. However, individual performance may vary, and no guarantees of success are provided.
Self-confessed Forex Geek spending my days researching and testing everything forex related. I have many years of experience in the forex industry having reviewed thousands of forex robots, brokers, strategies, courses and more. I share my knowledge with you for free to help you learn more about the crazy world of forex trading! Read more about me.
